Performance Shipping Inc. (NASDAQ:PSHG) Short Interest Update

Performance Shipping Inc. (NASDAQ:PSHG) was the recipient of a significant increase in short interest in March. As of March 13th, there was short interest totaling 601,315 shares, an increase of 22.3% from the February 26th total of 491,502 shares. Based on an average daily trading volume, of 305,720 shares, the days-to-cover ratio is currently 2.0 days. Approximately 4.9% of the company’s stock are sold short.

Performance Shipping Stock Down 1.1%

Shares of NASDAQ:PSHG traded down $0.02 during mid-day trading on Monday, reaching $1.81. 160,738 shares of the stock were exchanged, compared to its average volume of 251,602. The stock’s 50 day simple moving average is $2.09 and its 200-day simple moving average is $2.09. Performance Shipping has a one year low of $1.30 and a one year high of $2.58. The company has a market cap of $22.50 million, a P/E ratio of 1.41 and a beta of -0.33. The company has a quick ratio of 7.35, a current ratio of 7.40 and a debt-to-equity ratio of 0.69.

Performance Shipping (NASDAQ:PSHG) last released its earnings results on Wednesday, March 4th. The company reported $0.19 EPS for the quarter, beating the consensus estimate of $0.17 by $0.02. The firm had revenue of $26.16 million for the quarter, compared to analysts’ expectations of $23.57 million. Performance Shipping had a return on equity of 15.90% and a net margin of 59.37%.

Wall Street Analyst Weigh In

PSHG has been the subject of several research reports. Wall Street Zen raised shares of Performance Shipping to a “hold” rating in a research report on Saturday, December 13th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Performance Shipping in a research note on Friday. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the stock has an average rating of “Hold”.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Performance Shipping stock. Renaissance Technologies LLC raised its holdings in Performance Shipping Inc. (NASDAQ:PSHG) by 39.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 189,948 shares of the company’s stock after buying an additional 53,248 shares during the period. Renaissance Technologies LLC owned 1.53% of Performance Shipping worth $405,000 at the end of the most recent reporting period. Institutional investors and hedge funds own 19.90% of the company’s stock.

Performance Shipping Company Profile

Performance Shipping Inc, incorporated in the Republic of the Marshall Islands and trading on NASDAQ under the ticker PSHG, is a publicly listed dry bulk shipping company. The company owns and operates a modern fleet of Supramax and Ultramax vessels, which are well-suited for the seaborne transportation of a wide range of dry bulk commodities. Performance Shipping’s vessels carry cargoes such as grains, coal, iron ore, steel products and fertilizer under medium? to long?term time charter agreements with a diverse set of global charterers.

Since completing its initial public offering in late 2014, Performance Shipping has focused on disciplined growth through vessel acquisitions and the renewal of charter contracts to maintain steady cash flows.